Grant Thornton, leading expert on owner-managed businesses has now launched an SME Handbook with a dedicated chapter to combat euro ignorance.
Co-author of the handbook, Paul Andrews said: ‘Whether the UK joins the euro currency or not, it is going to become a reality that will affect businesses. From the results of our survey it is clear that the government has not done enough to inform UK businesses. It’s time we had a proper debate on this issue.’
Although it is still unknown whether Britain will adopt the new currency, many UK retailers have opted to accept the euro.
A recent survey conducted by Grant Thornton revealed that 87% of SMEs do not believe that the introduction of the euro will affect their business.
The mid-tier accountancy firm suggests the following top tips to help businesses struggling to come to terms with the onset of the euro:- Open a euro bank account to help you make and receive payments in euros- Create a euro price list designed for customers in the euro zone- Confirm that your IT system can produce the euro symbol- Check whether you need to re-write existing contracts with euro zone suppliers to quote in euros- Consider re-printing your marketing materials to quote in euros- If you employ staff in the euro zone, check out opportunities to save money be centralising your payroll system- Ensure that all staff are fully aware of your euro policy and are briefed to communicate a consistent message- Find out whether your IT system can cope with converting exchange rates to six decimal places- If you have staff operating in different countries consider whether there will pressure to harmonise wages throughout Europe- Review your business development strategy
Arrival of euro could hit cashflowwww.grant-thornton.co.uk
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel